ATLANTA — The City of Atlanta will receive an $18 million TIGER V grant from the U.S. Department of Transportation for the development of a 2.5-mile portion of the Atlanta BeltLine in the southwest corridor, announced Atlanta Mayor Reed on Monday.

The TIGER V grant from the federal government covers roughly 42 percent of the total project cost, which is estimated at $43 million and includes the cost of right-of-way, design, demolition and construction. The project’s benefits include the creation of a bicycle and pedestrian safe transportation corridor with connections to four local schools, direct access from neighborhoods to four parks, and a significant regional quality of life amenity for the area. The Atlanta BeltLine Eastside Trail, which opened in October 2012, has already proven itself as a redevelopment catalyst, with roughly $775 million in private real estate development completed or underway within a half-mile of the project since 2005.